UAE sees second-fastest growth in non-oil private economy in August – IHS Markit

UAE sees second-fastest growth in non-oil private economy in August – IHS Markit

The UAE has recorded 53.8 in the IHS Markit UAE Purchasing Managers' Index (PMI) during August, compared to 54 in July, reflecting the second-fastest improvement in the country's non-oil private sector economy for over two years. The improvement in the UAE's non-oil economic conditions is driven by the rising business activities at the highest level since July 2019 amid a sharp increase in new work, according to a press release on Sunday. Amid the strong production growth, the employment rates have increased to the greatest level since January 2018. Although the input cost inflation has remained high to mark one of the quickest seen in the last three years, companies have lowered their output charges for the first time since May. Domestic sales also continued to rise, while export sales decreased for the fourth month in a row amid a decrease in foreign demand due to rising coronavirus (COVID-19) cases in some regions and global shipping issues. The said: